The federal government has launched a new pilot program that started this month in aiming for fewer but richer immigrants. The Canadian government will give permanent resident status to 50 experienced millionaire investors with high net-worth in their aim to continue economic growth and prosperity. Under this pilot program, each investor will be required to have a net worth of $10 million and make a non-guaranteed investment of $2 million over 15 years. The said funds will be invested in innovative Canadian -based-start-ups with high growth potential. Applicants should prove proficiency in English or French, with post secondary education, demonstrate the net worth of at least $10 million was obtained from lawful profit-making business. Minister James Moore mentioned that the pilot program is part of Canada's efforts to attract experienced business leaders to Canada while leveraging their business expertise and personal investments.
The previous immigrant investor program required applicants a minimum of $1.6 million to loan Canada $800,000 5 years interest free. This program revealed that the net gain to Canada averaged to only $20,000 per applicant as it was invested in a low-yield stock bonds. A total of 36,973 investor immigrants flocked in BC from 2005-2012 under this program and two-thirds of these applicants were mainland Chinese who said they planned to live in British Columbia.